SBA Urged to Jump Start Lending

I was reading the Washington Post this morning and a great article on the SBA caught my eye - “Small-Business Agency Prodded to Spur Lending”.

The article begins with “The chairman of the House Committee on Small Business yesterday urged the new head of the Small Business Administration to try to jump-start lending by using provisions in the economic stimulus bill that so far have sat idle.”

The stimulus bill passed a few months ago included the “Business Stabilization Loan Program and it’s goal is to “provide loans of up to $35,000 to small businesses so they can make payments on their outstanding debt. The loans would be 100 percent guaranteed by SBA”.

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What's Happening Out There With Small Business Lenders?

A client recently called the office and told me that their long-standing revolving line of credit, which they used sparingly and payed down immediately after use, was pulled by their bank with no notification or explanation. He found out about it because he tried to use the line, only to have someone at the bank tell him the line had been revoked.

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Follow Up on the Stimulus and SBA

I wanted to follow up with our friends at SBA on which items, specifically, we should be aware of that are relevant to small business owners in terms of translating the stimulus package to action.

John Banks, Lead Business Development Specialist in the Philadelphia District Office, was kind enough to spend some time creating an informative email to me, outlining exactly what the American Recovery Reinvestment Act has in store to stimulate lending. John has given me permission to copy his email thoughts to this Blog. You will find them below.

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Barter Fits the Bill for Strapped Firms

By RAYMUND FLANDEZ

Small businesses, squeezed for cash and unable to get loans, are turning to an ancient payment system: barter.

Daniel Blank, creative director at Bureau Blank Inc., a New York graphic-design and brand-identity company, first used bartering when he started the company in 2004, because it was hard to get capital for a start-up. But he hadn't had to barter since then, until now.

For the past couple of months, Mr. Blank has been getting advice on running his business from Joe Hunt, a former ad-agency owner who has started Workforce Enterprises LLC, a document-solutions company in New York. For about two hours each week, Mr. Hunt helps Bureau Blank with its accounting and finance operations, among other things.

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